407 International completes C$500 million public offering of medium term notes
Torys acted as counsel to 407 International with a team that included Michael Zackheim, Alison Shamie and Andrea Das-Wieczorek (corporate/securities).
On July 27, 2023, 407 International Inc. (“407 International”) announced that it agreed to issue C$500 million aggregate principal amount of 4.86% senior secured fixed rate notes, Series 23-A1, due July 31, 2053 through its medium term notes program and pursuant to a base shelf prospectus dated March 31, 2022, in an agency transaction with a syndicate co-led by BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc. The syndicate also includes CIBC World Markets Inc., Scotia Capital Inc., Casgrain & Company Limited, National Bank Financial Inc. and TD Securities Inc.
The distribution of the notes closed on July 31, 2023.
Net proceeds of the offering will be used to fund a series reserve account for the notes and for general corporate purposes.
Further information can be found on Canada Newswire’s website.
407 International is owned by indirectly owned subsidiaries of Canada Pension Plan Investment Board (total 50.01%), also known as CPP Investments; Cintra Global S.E., a wholly owned subsidiary of Ferrovial S. A. (43.23%); and SNC-Lavalin (6.76%).